According to Futu News on the 11th, Tencent Music announced his financial results for the second quarter of 2020 after the US stock market:

The company's second-quarter revenue was 6.93 billion yuan (the same below), and the market is expected to be 6.86 billion yuan, compared with 5.9 billion yuan in the same period last year. Second-quarter online music subscription revenue rose 64.7 percent year-on-year to 1.31 billion yuan, while revenue from social entertainment services and other services was 4.71 billion yuan.

Tencent Music's second-quarter net profit was 939 million yuan, and the market is expected to be 883 million yuan, compared with 927 million yuan in the same period last year; second-quarter earnings per share were 0.28 yuan, compared with 0.28 yuan in the same period last year; and the number of mobile online music monthly active users in the second quarter was 651 million, down 0.9 percent from the previous quarter.

After the announcement of the results, the company's shares are up more than 3% in after-hours trading.

Peng Jiaxin, chief executive of Tencent Music, said: as the industry leader in China's online music market, we continue to forge ahead and contribute to supporting the development of the industry. Our efforts include continuing to promote the streaming media payment model, cultivating independent musicians, promoting digital albums and our innovative online concert TME Live. For top artists, our platform is not only the preferred place for the release of digital albums, but also a unique performance venue for real-time interaction with fans.

In the second quarter of 2020, our online music revenue grew by 42.2% year-on-year, up from 27.4% in the first quarter, mainly due to a nearly 65% year-on-year increase in music subscription revenue and a strong performance in digital album sales. With our leading edge in content, well-implemented paywall strategy, and enhanced recommendation capabilities, our online music payment rate has increased significantly to 7.2% from 4.8% in the same period last year.

As the situation of health events in China continues to improve, our social entertainment services performed steadily and achieved continuous growth in the second quarter, he said. We also continue to upgrade our products and introduce new features to provide interactive, participatory and visually stimulating experiences, which will enhance our long-term competitiveness. With the support of strong financial position and cash flow generation, we will continue to invest in and strengthen our long-term audio services, and look forward to achieving significant synergies in all aspects of our business to further promote our long-term sustainable growth.